CBS’ decision to cut ties with Stephen Colbert and its decades-old “Late Show” franchise come next May will leave a major hole in the format — but one that has been widening. TV networks have been cutting costs at their late-night mainstays for the past few years.

Colbert notably clowned Paramount and described the settlement as a “big fat bribe” on Monday’s show, jokes that sparked speculation that the program’s cancellation was politically motivated and led the show’s union to call for an investigation into CBS’ decision.

Stephen Colbert's friends and colleagues are in shock at The Late Show's surprise cancellation.

A new report from Puck's Matt Belloni is shedding light on the finances that led to CBS' bombshell cancellation of "The Late Show with Stephen Colbert."